I've been investing in cryptocurrency for the past couple of years. Even with the recent market downturn, I've managed to make a significant profit – way more than my traditional investments.
In this post, I'm going to share with you all the tools i'm currently using to make money with cryptocurrency. Let me know in the comments what your favorite tools currently are so I can check them out.
Coinbase is the easiest place to buy Bitcoin, Ethereum and other popular cryptocurrencies. You can buy cryptocurrency using fiat with either a bank account or credit card (depending on your location). This makes it really easy to make buys.
Coinbase also has a really good reputation. They aren't run by some anonymous entity. Instead, Coinbase is a U.S company and they comply with regulations. Currently they are the largest seller of cryptocurrency in the world.
You can buy Bitcoin, Ethereum, Litecoin, Ethereum classic, BCash and they've just added 0x and BAT. It looks as though Coinbase is gearing up to regularly add new coins to their platform.
I've recently started investing using Coinbundle and have been loving it. Coinbundle lets you invest in bundles of coins. If you've ever wanted to invest in Cryptocurrency, but weren't sure what coins to buy, then coinbundle is for you. You can invest in 20 coins with just one investment. It's a bit like a fund, but for cryptocurrency.
I use Binance to buy many of the smaller altcoins. The big difference between Binance and Coinbase is that you can't deposit fiat currency on Binance. This means, you first need to buy Bitcoin, transfer it Binance and then make a purchase.
Binance's interface is pretty terrible to be honest, but it is usable. The main selling point of Binance are the huge range of coins that are available to purchase.
Coinspot is a cryptocurrency exchange for Australians. You can buy all the big coins on Coinspot such as Bitcoin and Ethereum, but you can also buy dozens of other altcoins. What I like most is that you can buy all of these coins using fiat. They support POLi, an australian payment method that is instant and uses your bank account. This means you can buy coins instantly without having to wait days for a transfer to complete.
Coinspot is only available to Australians. So if you're lucky enough to live in Australia then make sure you check it out.
If you're looking for a wallet to store all your ERC20 tokens, then Coinbase Wallet is a great option. I like it way better than the browser based wallets as it's just so much easier to use and understand. One of the big problems with ICOs was getting people to use a proper wallet that could hold their tokens.
If you want to trade cryptocurrency as opposed to just buy and hodl, then eToro is a good choice. You can open both long and short positions. What I like most about eToro is that you can deposit via credit card, paypal etc. This makes getting into cryptocurrency much easier. As eToro is a traditional trading platform, you can also trade stocks, bonds, forex, ETFs and more, right alongside your crypto trades. It's basically a one stop trading shop.
eToro just launched a crypto wallet. Platinum eToro members can use the wallet to deposit crypto and transfer it to the eToro trading platform.
I use eToro for cryptocurrency, stock and forex trading.
TradingView is a platform for traders to share trading ideas. It's also a really powerful charting tool. In my opinion TradingView has the best charts of any platform. And best of all it's free to use! I pretty much have a TradingView tab open in my browser 24/7 so I can keep track of various markets.
Disclaimer: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.